FISCAL NOTE
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund,Other Fund local property tax
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is reduce the required notice period for a notice of increased assessed valuation of real property, from at least 15 to 10 days prior to the first meeting in February at which the county commission meets as the board of equalization and review. The bill also provides that the increase in the assessed valuation must be at least $1,000 before the notice is required to be sent.
The Tax Department does not have the information to quantify the revenue consequences or costs for this bill. However, based on the minimum increase in assessed value of $1,000, it is anticipated that fewer letters would be required.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2008
Increase/Decrease
(use"-") |
2009
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The Tax Department does not have the information to quantify the revenue consequences or costs for this bill. However, based on the minimum increase in assessed value of $1,000, it is anticipated that fewer letters would be required. The bill, as written, provides that the increase in assessed valuation must be at least $1,000 before a notice of increased assessed valuation of real property must be sent.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us